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PSR Interim Report: Market review - supply of indirect access to payment systems

The Payment Systems Regulator (PSR) published the interim findings of its market review into the supply of indirect access to payment systems last week. 

The PSR are welcoming the views of its stakeholders on the interim report. 

Their interim conclusion is that work to open up access to payment systems is generating increasingly positive results. Although there are some specific concerns about choice, service quality and the ability of indirect payment service providers (PSPs) to switch providers, the industry is making changes that they expect will address these issues.

This market review is part of the PSR's wider programme of work to promote better choice in access services and improve service quality so that banks, building societies and other PSPs have a real choice between direct and indirect access.

Alongside this programme of work, the Payments Strategy Forum is also considering how payment systems can be developed to simplify access for PSPs. A number of other initiatives are also underway or anticipated; some led by the PSR and some by the market or other regulators.

They have considered what actions we might take. The interim view is that there are significant recent, current and likely developments that should address our concerns. These include:

  • entry by new indirect access providers
  • reviews of financial crime regulations
  • improved access options emerging

We‘re proposing that we support the developments and monitor their impact, rather than take further regulatory action now which could hinder progress.

The PSR will take further action if their concerns are not sufficiently addressed over the next 12 months.

To input into techUK's response to the interim findings, please contact James Lee, Programme Executive Cyber, National Security & Criminal Justice, by COP Friday 29th April at james.lee@techuk.org or telephone 020 7331 2054

Channel website: http://www.techuk.org/

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